Principles of Accounting (ACCC2101)
Higher Institute of Commerce and Management (HICM)
Semester: First Semester
Level: 200
Year: 2018
UNIVERSITY OF BAMENDA
HIGHER STITUTE OF COMMERCE AND MANAGEMENT (HICM)
PRINCIPLES OF ACCOUNTING ASSIGMENT C A
LEVEL 100, FIRST SEMESTER 2017/2018
COURSE MASTER: DR. MUKAH SAMUEL T./ ARMSTRONG PEACE N F
TIME ALLOWED: 2 HOURS
INSTRUCTIONS: Answer all questions
QUESTION 1 (15 MARKS)
The following activities took place in the books of Adventure Ltd during the month of January 2017
1
st
Balance brought forward; in cash 500,000 FCFA at bank 13.000 000 FCFA.
2
nd
Received cash loan from Ojong 500,000 FCFA
3rd Bought goods for cash 460,000 FCFA
4
th
Bought a van and paid by cheque for 150,000 FCFA
5
th
Withdrawal of cash from the bank 300,000 FCFA
7
th
Paid salaries and wages in cash 70,000 FCFA
9
th
Sales of goods by bank cheque 980,000 FCFA
11
th
we paid the following accounts; Essene 250,000 FCFA. Enanga 340,000 FCFA. visisimbum 200,000
FCFA by cheque while deducting a 10% discount to each case.
13
th
the following customers paid their accounts; shey 200,000 FCFA, Bakari 360,000 FCFA by chaque
while deducting 2 ½ discount in each case.
14
th
we received another loan from of 50,000 FCFA from Ojong by cheque
15
th
We paid zulai 90,000 FCFA by cheque
17
th
Cash sales 200,000 FCFA
21
st
paid rents by cash 18,000 FCFA
24
th
received commissions by cash 120,000 FCFA
25
th
The-following settled their accounts by cheque while deducting 5% in each case; Ndi 120 000 FCFA,
Alima 440,000 FCFA, Douanla 500,000 FCFA.
26
th
We paid the following accounts by cheque while deducting a 2%discount in each case; Mbah
300,000 FCFA, Ameli 500,000 FCFA, Verla 600,000 FCFA.
28
th
Paid insurance premium by cash 60,000 FCFA
30
th
samira gave us a cheque for 78,000 FCFA after deducting 2,000 FCFA cash discount
Work Required: Prepare a three column cashbook for Adventure Ltd as at January 2017.
QUESTION 2 ( 15 MARKS)
The following activities look place in the books of Planet Control PLC during the month of January 2017.
Jan I, Started business with an amount of 10,000,000 FCFA cash
Jan 2, Took out 5,000,000 FCFA from the cash safe to the bank account
Jan 3, Bought a van for 600,000 FCFA by cheque
Jan 4, Bought goods for 1,500,000 FCFA by cheque
Jan 6, Paid rents by cheque 120,000 FCFAJan 7, Sold goods to Ndange on credit for 300,000 FCFA
Jan 8, Cash sales 160,000 FCFA
Jan 10, Withdrew cash from bank amounting to 200,000 FCFA
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Jan 11, Bought goods on credit from Nformi 700,000 FCFA
Jan 12, Paid salaries and wages in cash 60,000 FCFA
Required: From the above transactions, balance off the accounts and extract the trial balance
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